Introduction
As the cryptocurrency market continues to evolve, stablecoins have become an important part of the digital currency ecosystem. Tether (USDT), as the largest stablecoin by market capitalization, continues to expand its market share globally, especially among small-scale investors. The rapid growth of USDT not only reflects the demand in the crypto market but also provides important insights for the future development of stablecoins.
Stablecoin
USDT Latest Price
USDT (USDT) Tether Coin
NO.0
$1.00
-$0.00000000000
0%
Real-time Data · 15:49:37
1.00
24H High
0.99817
24H Low
1.22
All-time High
0.56831
All-time Low
293.96 billion
24h Trading Volume
294.03 billion
24h Transaction Amount
—
Total Supply
138.34 billion
Market Cap
+0.42%
24h Fluctuation
138,308,884,820.1
circulating supply
1.0008
Yesterday’s Opening Price
0.99962
Yesterday’s Closing Price
0%
Circulation Rate
K-line
Trends
All
24H
7 Days
30 Days
3 Months
1 Year
let tabIdx = 0;
let timeIdx = 0;
let type = ‘all’;
$(‘.echarts_head .head_left_item’).click(function () {
$(‘.echarts_head .head_left_item’).removeClass(‘active’);
tabIdx = $(this).index();
$(this).addClass(‘active’);
if (tabIdx == 1) {
$(‘#tvChart’).hide();
$(‘#trendChart’).show();
return;
}
$(‘#trendChart’).hide();
$(‘#tvChart’).show();
})
$(‘.echarts_head .head_right_item’).click(function () {
$(‘.echarts_head .head_right_item’).removeClass(‘active’);
timeIdx = $(this).index();
$(this).addClass(‘active’);
})
var klineData;
getTjList();
function getTjList(start, interval, type) {
let url = ‘/e/extend/api/index.php?m=v2&c=kline&coin=binance_USDT_USDT&id=3’;
$.ajax({
url: url + ‘&start=’ + start + ‘&interval=’ + interval + ‘&type=’ + type,
data: ”,
type: ‘post’,
cache: false,
dataType: ‘json’,
success: function (resdata) {
klineData = resdata
setTimeout(function () {
initKline(type)
}, 500);
},
error: function (e) {
console.log(‘resdata e’, e);
// alert (“异常！”);
}
});
}
function initKline(type) {
let typeStr = type ? type : ‘all’
const periodTypeList = {
‘all’: 3,
‘d’: 14,
‘w’: 2,
‘m’: 2,
‘3m’: 3,
‘ydt’: 3,
}
const coinName = ‘USDT’;
const periodType = periodTypeList[typeStr];
// Sort historical data by time
const historyData = klineData
.sort((cur, next) => cur.T – next.T)
.map((item) => {
return {
time: item.T,
low: item.l,
high: item.h,
open: item.o,
close: item.c,
volume: item.v,
};
});
const exchange = “528BTC”;
const tradePair = `${coinName}/USDT`
const config = {
periodType,
datafeedConfig: {
periodType,
historyData,
symbolInfo: {
ticker: `${exchange}:${tradePair}`,
name: tradePair,
description: tradePair,
type: “528btc”,
exchange,
},
},
tradingViewConfig: {
symbol: `${exchange}:${tradePair}`,
interval: periodType,
container: `tvChart`,
},
}
let length = historyData.length <= 90 ? (historyData.length) - 1 : 90;
console.log(length)
const visibleRangeOption = {
// Set the visible range of the chart
from: historyData[length].time / 1000,
to: historyData[0].time / 1000,
};
const widget = generateTradingViewAndMount(config);
widget.onChartReady(() => {
const chart = widget.chart();
chart.setVisibleRange(visibleRangeOption);
});
//chart.setPriceVolumePrecision(8,8)
}
function changeKline(type) {
type = type;
const currentTimeStamp = Date.now();
// Calculate the timestamp one day ago
const oneDayAgoTimeStamp = currentTimeStamp – (24 * 60 * 60 * 1000);
// Calculate the timestamp seven days ago
const sevenDaysAgoTimeStamp = currentTimeStamp – (7 * 24 * 60 * 60 * 1000);
// Calculate the timestamp one month ago
const oneMonthAgoTimeStamp = new Date().setMonth(new Date().getMonth() – 1);
// Calculate the timestamp three months ago
const threeMonthsAgoTimeStamp = new Date().setMonth(new Date().getMonth() – 3);
// Calculate the timestamp one year ago
const oneYearAgoTimeStamp = new Date().setFullYear(new Date().getFullYear() – 1);
const time = {
‘all’: ”,
‘d’: oneDayAgoTimeStamp,
‘w’: sevenDaysAgoTimeStamp,
‘m’: oneMonthAgoTimeStamp,
‘3m’: threeMonthsAgoTimeStamp,
‘ydt’: oneYearAgoTimeStamp,
}
// 5m, 15m, 30m, 1h, 6h
const interval = {
‘all’: ”,
‘d’: ‘5m’,
‘w’: ‘1h’,
‘m’: ‘1h’,
‘3m’: ‘1d’,
‘ydt’: ‘1d’,
}
if (tabIdx == 1) {
getTrendLine(type)
return;
}
getTjList(time[type], interval[type], type)
}
let bid = ‘USDT’
Highcharts.setOptions({
lang: {
rangeSelectorZoom: ”,
thousandsSep: ”
},
global: {
useUTC: false
}
});
getTrendLine(type)
function getTrendLine(type) {
$.getJSON(‘https://bullrunflash.com/e/extend/api/index.php?m=news&c=kdata&type=’ + type + ‘&id=3&cid=3’, function (data) {
var T = [];
var u = [];
var b = [];
var a = [];
var v = [];
data.data.forEach(item => {
let [time, ui, bi, ai, vi] = item;
u.push([time, ui]);
b.push([time, bi]);
a.push([time, ai]);
v.push([time, vi]);
})
// Generate the trend chart
chart1 = Highcharts.stockChart(‘trendChart’, {
chart: {
zoomType: ‘x’,
height: 520,
width: 780
},
colors: [‘#5984FB’, ‘#AE5CCC’, ‘#F7D049’, ‘#777’,
‘#24CBE5’, ‘#64E572’, ‘#FF9655’, ‘#FFF263’, ‘#6AF9C4’],
rangeSelector: {
selected: 5,
enabled: false, // Disable the range selector
inputDateFormat: ‘%Y-%m-%d’
},
scrollbar: { // Disable the scrollbar
enabled: false
},
tooltip: {
split: false,
shared: true,
dateTimeLabelFormats: {
millisecond: ‘%Y-%m-%d %H:%M’,
second: ‘%Y-%m-%d %H:%M’,
minute: ‘%Y-%m-%d %H:%M’,
hour: ‘%Y-%m-%d %H:%M’,
day: ‘%Y-%m-%d %H:%M’,
week: ‘%Y-%m-%d %H:%M’,
month: ‘%Y-%m-%d %H:%M’,
year: ‘%Y-%m-%d %H:%M’
}
},
yAxis: [{
title: {
text: ‘Total Volume’,
style: {
color: “#7cb5ec”
}
},
visible: false,
height: ‘80%’,
labels: {
formatter: function () {
return (this.value / 1000000000).toString() + ‘ billion’;
},
style: {
color: “#7cb5ec”
}
},
opposite: false,
}, {
title: {
text: ‘Price (USD)’,
style: {
color: “#009933”
}
},
visible: false,
labels: {
style: {
color: “#009933”
}
},
height: ‘80%’,
}, {
title: {
text: ‘Price (BTC)’,
style: {
color: “#f7931a”
}
},
visible: false,
labels: {
formatter: function () {
return this.value + bid;
},
style: {
color: “#f7931a”
}
},
height: ‘80%’,
}, {
title: {
text: ‘Trade Volume’,
style: {
color: “#777”
}
},
visible: false,
labels: {
formatter: function () {
return (this.value / 1000000000).toString() + ‘ billion’;
},
style: {
color: “#777”
}
},
offset: ‘0’,
top: ‘80%’,
height: ‘20%’,
},
});
});
}Driving Force Behind the Growth of USDT: Small Investors and Decentralization Trend
According to the latest report from Tether, the number of USDT wallets has significantly increased over the past year. In 2023, USDT’s growth rate reached 71%, showing a strong growth momentum despite a slowdown compared to the previous year’s 129% increase. Especially after the collapse of FTX, users have turned to self-custody solutions, and USDT, as a highly liquid and low-volatility stablecoin, has become the preferred choice for many small investors.
According to Tether’s data, many USDT wallets have balances below $1,000, indicating that stablecoins are primarily used by middle- and low-income individuals and users who do not rely on traditional banking systems. Nearly 30% of small wallets are reactivated when funds are sufficient, further proving the reliability of USDT as a financial tool.
Furthermore, the global applicability of USDT is particularly prominent in emerging markets. Users rely on USDT for savings, trading, and dealing with financial restrictions, and this trend has been further strengthened in early 2024. Especially in emerging markets such as Asia and Latin America, USDT has become the preferred tool for daily transactions for many users, thanks to its convenience as a digital asset.
Tether’s Competition with Other Stablecoins
Despite the volatility experienced by stablecoins like USDC and DAI during periods of market turbulence, USDT maintains its market dominance with its strong market share and continuous growth. Tether currently holds approximately 97.5% of the market share among all stablecoins and supports 25 blockchains. Compared to other stablecoins, the number of on-chain wallets for USDT is nearly four times that of its competitors, further solidifying its dominant position in the stablecoin market.
Additionally, USDT is widely used not only in decentralized wallets but also in centralized platforms. Over 86 million accounts have received on-chain deposits, proving the widespread usage of USDT in exchanges and other platforms. As the market expands, Tether continues to strengthen its role in the global payment ecosystem.
Multi-dimensional Competition in the Stablecoin Market: Participants and Value Distribution
The stablecoin market is not a single domain but involves multiple key aspects, each with its unique value acquisition methods. To fully understand the future development of stablecoins, it is essential to analyze the following important participants and tracks:
1. Settlement Rails
This is one of the most promising areas in the stablecoin market. Settlement rails rely on deep liquidity, low fees, fast settlements, and stable system availability. With the increasing demand for payments, Layer 2 solutions and dedicated blockchains will have greater development potential. Ultimately, the winners in the settlement rails are expected to become the most valuable participants in the stablecoin ecosystem.
2. Stablecoin Issuers
Currently, major issuers like Tether and Circle have occupied the dominant market position, but as the market develops, issuers will face greater compliance pressure and technological requirements. In the future, building efficient infrastructure, improving compliance standards, and optimizing minting/redemption processes will be key competitive factors for stablecoin issuers.
3. Liquidity Providers (LPs)
Current liquidity providers are mainly focused on OTC and exchanges, presenting a highly commoditized market. In the future, institutions focusing on stablecoin liquidity will face fierce competition from large institutions, and therefore, institutions that can maintain a competitive advantage in this field will dominate the market.
4. Payment Service Platforms (PSPs)
PSPs play a crucial role in stablecoin applications, especially in providing payment solutions for merchants. Platforms with proprietary payment rails and global coverage will have a market advantage. However, without strong compliance capabilities and technical support, these platforms may face the risk of profit decline.
5. Merchant Gateways
Merchant gateways that provide encrypted payment solutions face increasing challenges. Although these platforms help merchants access stablecoin payments, they need continuous innovation and provide more added value to stand out as the market offers more payment tools.
6. Stablecoin-driven Fintech and Applications
With the maturity of stablecoin technology, more fintech products based on stablecoins have emerged. These products provide users with more convenient payment, savings, and investment tools. In emerging markets, fintech products relying on stablecoins have tremendous growth potential, while in developed markets, success depends on differentiation and market promotion capabilities.
Conclusion
Tether continues to play a significant role as the leading stablecoin globally, with a market value of $138 billion and a strong growth momentum on multiple chains. With the dual expansion of USDT in decentralized wallets and centralized exchanges, Tether’s market share and user base may continue to expand.
However, as market competition intensifies, the future development of stablecoins will depend not only on issuers and liquidity providers but also on the innovation of payment service platforms, merchant gateways, and fintech applications, which will determine the direction of the market.
Overall, the stablecoin market is evolving towards a more complex and diversified direction, and Tether will continue to play an important role in the global crypto market. At the same time, the future of stablecoins will rely more on infrastructure development, compliance enhancement, and innovation in market applications, all of which will collectively determine their position in the future crypto world.
Based on the above analysis, combined with Tether’s latest report and market trends, we can see that USDT is not just a stablecoin. Its success reflects the immense potential and development opportunities brought by stablecoins as part of the global financial system.
